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	<title>Business Advisory Archives - FocusCore Myanmar</title>
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	<description>Corporate Services</description>
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	<title>Business Advisory Archives - FocusCore Myanmar</title>
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	<item>
		<title>Why 2026 Is the Strategic Moment to Reconsider Financial Outsourcing in Myanmar</title>
		<link>https://myanmarcs.focuscoregroup.com/why-2026-is-the-strategic-moment-to-reconsider-financial-outsourcing-in-myanmar/</link>
		
		<dc:creator><![CDATA[Khin Kyar Nyo Thin]]></dc:creator>
		<pubDate>Thu, 09 Apr 2026 08:40:31 +0000</pubDate>
				<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[Business Advisory]]></category>
		<guid isPermaLink="false">https://myanmarcs.focuscoregroup.com/?p=6287</guid>

					<description><![CDATA[<p>With the new financial year starting on 1 April 2026, many business leaders in Myanmar are taking a hard look at how their internal finance and compliance operations are performing. The core question is straightforward: ”Are these functions quietly supporting growth, or are they quietly draining time and focus that could be better spent elsewhere?” [&#8230;]</p>
<p>The post <a href="https://myanmarcs.focuscoregroup.com/why-2026-is-the-strategic-moment-to-reconsider-financial-outsourcing-in-myanmar/">Why 2026 Is the Strategic Moment to Reconsider Financial Outsourcing in Myanmar</a> appeared first on <a href="https://myanmarcs.focuscoregroup.com">FocusCore Myanmar</a>.</p>
]]></description>
										<content:encoded><![CDATA[
<p class="wp-block-paragraph">With the new financial year starting on 1 April 2026, many business leaders in Myanmar are taking a hard look at how their internal finance and compliance operations are performing. The core question is straightforward:</p>



<h2 class="wp-block-heading"><strong>”Are these functions quietly supporting growth, or are they quietly draining time and focus that could be better spent elsewhere?”</strong></h2>



<p class="wp-block-paragraph">In the current environment, marked by ongoing regulatory updates, persistent talent shortages in specialized finance roles, and the constant pressure to move faster, keeping everything in-house is becoming less sustainable for many companies. Outsourcing non-core financial processes is increasingly seen not as a shortcut, but as a deliberate strategic choice that frees leadership to concentrate on what actually drives the business forward.</p>



<h4 class="wp-block-heading"><strong>The reality for many organizations today is familiar.</strong></h4>



<p class="wp-block-paragraph">Finance teams often find themselves buried in day-to-day transactional work, leaving little bandwidth for meaningful analysis, forecasting, or business partnering. At the same time, staying current with Myanmar’s evolving rules, from Union Tax Law changes and DICA filing requirements to withholding obligations and AML compliance demands continuous attention that internal resources struggle to provide consistently. Manual or fragmented processes frequently lead to small errors that compound during critical periods such as year-end closes, audits, and statutory submissions. And when the business begins to grow, expand into new areas, or restructure, the internal setup often cannot scale quickly without adding significant fixed costs and delays.</p>



<p class="wp-block-paragraph"><strong>Outsourcing addresses these issues directly.</strong> By partnering with a specialist provider, companies gain access to structured, technology-supported processes that deliver greater accuracy and faster turnaround. Compliance risk drops because the partner team monitors regulatory developments in real time and applies them consistently. Leadership regains capacity to focus on strategy, customers, and expansion rather than administrative firefighting. Most importantly, the support scales naturally with the business, expanding during growth phases and contracting when needed, without the long-term overhead of building and maintaining an enlarged internal function.</p>



<p class="wp-block-paragraph">The decision point usually becomes clear when certain patterns emerge: when routine compliance and admin tasks consume too much executive and management time, when year-end periods consistently turn stressful, when regulatory complexity starts to feel unmanageable, or when upcoming growth plans demand more flexible operational support.</p>



<p class="wp-block-paragraph">In 2026, the ability to run a lean, accurate, and compliant finance function is no longer a background concern, it is a competitive requirement. Re-evaluating outsourcing is one of the highest-leverage moves a business can make to create breathing room for the things that matter most.</p>



<p class="wp-block-paragraph">At <strong><a href="https://myanmarcs.focuscoregroup.com/">FocusCore Myanmar</a></strong>, we deliver precisely this kind of support: reliable accounting, bookkeeping, payroll, tax compliance, corporate secretarial services, and year-end coordination, all aligned with current Myanmar regulations and designed to reduce friction so you can focus on running and growing the business.</p>



<p class="wp-block-paragraph">If this resonates, let’s have a short, no-pressure conversation about your current setup and what’s realistic for the year ahead.</p>



<p class="wp-block-paragraph"></p>
<p>The post <a href="https://myanmarcs.focuscoregroup.com/why-2026-is-the-strategic-moment-to-reconsider-financial-outsourcing-in-myanmar/">Why 2026 Is the Strategic Moment to Reconsider Financial Outsourcing in Myanmar</a> appeared first on <a href="https://myanmarcs.focuscoregroup.com">FocusCore Myanmar</a>.</p>
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		<title>Minimising Risks in Outsourcing Corporate Services</title>
		<link>https://myanmarcs.focuscoregroup.com/minimising-risks-in-outsourcing-corporate-services/</link>
		
		<dc:creator><![CDATA[Khin Kyar Nyo Thin]]></dc:creator>
		<pubDate>Tue, 29 Oct 2024 08:01:48 +0000</pubDate>
				<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[Business Advisory]]></category>
		<guid isPermaLink="false">https://myanmarcs.focuscoregroup.com/?p=6101</guid>

					<description><![CDATA[<p>What are Corporate services, and Why Do Businesses Outsource? Corporate services refer to a range of support activities that businesses need to operate efficiently, such as company registration, corporate secretarial services, accounting and bookkeeping, legal services, and market research. Businesses often outsource these services to external providers to reduce costs, access specialised expertise, improve efficiency, [&#8230;]</p>
<p>The post <a href="https://myanmarcs.focuscoregroup.com/minimising-risks-in-outsourcing-corporate-services/">Minimising Risks in Outsourcing Corporate Services</a> appeared first on <a href="https://myanmarcs.focuscoregroup.com">FocusCore Myanmar</a>.</p>
]]></description>
										<content:encoded><![CDATA[
<h2 class="wp-block-heading"><strong>What are Corporate services, and Why Do Businesses Outsource?</strong></h2>



<p class="wp-block-paragraph">Corporate services refer to a range of support activities that businesses need to operate efficiently, such as company registration, corporate secretarial services, accounting and bookkeeping, legal services, and market research. Businesses often outsource these services to external providers to reduce costs, access specialised expertise, improve efficiency, and focus on core activities.</p>



<h2 class="wp-block-heading"><strong>Top Concerns When Outsourcing Corporate Services</strong></h2>



<p class="wp-block-paragraph">Loss of Control: Handing over certain tasks to an external provider means losing some amount of control over those operations, which can impact quality and timing.</p>



<p class="wp-block-paragraph">Data Security and Confidentiality: When you outsource your business, you must share internal information with the outsourcing provider, which can raise risks related to data breaches and intellectual property theft.</p>



<p class="wp-block-paragraph">Dependence on the Provider: Relying heavily on an outsourcing partner can be risky if they increase prices, fail to deliver, or go out of business.</p>



<p class="wp-block-paragraph">Unforeseen and Hidden Costs: Unexpected expenses may arise during the outsourcing process, such as additional fees for changes in scope or unforeseen complications like tax, software upgrades, and currency fluctuations.</p>



<p class="wp-block-paragraph">Communication Barriers: Differences in culture, time zone, and language can lead to misunderstandings and inefficiencies.</p>



<h2 class="wp-block-heading"><strong>Strategies to Minimise Outsourcing Risks</strong></h2>



<h2 class="wp-block-heading"><strong>Maintain Control:</strong></h2>



<p class="wp-block-paragraph">Clearly define which management functions to retain and which to delegate.</p>



<p class="wp-block-paragraph">Develop a joint strategy for regular reporting and issue resolution.</p>



<p class="wp-block-paragraph">Assign a dedicated employee to coordinate with the outsourcing partner remotely.</p>



<h2 class="wp-block-heading"><strong>Protect Privacy and Security:</strong></h2>



<p class="wp-block-paragraph">Validate the security measures of potential outsourcing partners.</p>



<p class="wp-block-paragraph">Implement Non-Disclosure Agreements (NDAs) and clearly outline data protection protocols in contracts.</p>



<p class="wp-block-paragraph">Consider outsourcing non-sensitive tasks while keeping critical data in-house.</p>



<h2 class="wp-block-heading"><strong>Mitigate Dependence:</strong> </h2>



<p class="wp-block-paragraph">Establish detailed procedures for contract termination and the resolution of financial and organisational issues.</p>



<p class="wp-block-paragraph">Prepare a contingency plan (Plan B) in advance to ensure continuity in the event of a sudden contract termination.</p>



<h2 class="wp-block-heading"><strong>Manage Costs:</strong></h2>



<p class="wp-block-paragraph">Conduct a thorough cost analysis, listing all direct and indirect expenses.</p>



<p class="wp-block-paragraph">Ensure the contract specifies all charges and prices and includes measures for approval of any extra fees.</p>



<p class="wp-block-paragraph">Define project deliverables and timelines to track expenses and avoid unauthorised costs.</p>



<h2 class="wp-block-heading"><strong>Enhance Communication:</strong></h2>



<p class="wp-block-paragraph">Ensure the outsourcing team is proficient in the required language and familiar with your time zone.</p>



<p class="wp-block-paragraph">Learn about the socio-cultural and political characteristics of the outsourcing country.</p>



<p class="wp-block-paragraph">Adapt schedules to accommodate both parties, considering holidays and weekends.</p>



<p class="wp-block-paragraph">By implementing these strategies, businesses can effectively mitigate the risks associated with outsourcing corporate services and leverage the benefits of this approach to enhance efficiency, reduce costs, and focus on core activities. Reach out to <a href="https://myanmarcs.focuscoregroup.com/">DFK FocusCore Myanmar</a> today to discuss your vision and learn how we can help you turn it into reality.</p>



<p class="wp-block-paragraph"></p>
<p>The post <a href="https://myanmarcs.focuscoregroup.com/minimising-risks-in-outsourcing-corporate-services/">Minimising Risks in Outsourcing Corporate Services</a> appeared first on <a href="https://myanmarcs.focuscoregroup.com">FocusCore Myanmar</a>.</p>
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		<title> Why Businesses Expand in a Foreign Country?</title>
		<link>https://myanmarcs.focuscoregroup.com/why-businesses-expand-in-a-foreign-country/</link>
		
		<dc:creator><![CDATA[Khin Kyar Nyo Thin]]></dc:creator>
		<pubDate>Wed, 10 Jul 2024 02:35:31 +0000</pubDate>
				<category><![CDATA[Blog]]></category>
		<category><![CDATA[Business Advisory]]></category>
		<guid isPermaLink="false">https://myanmarcs.focuscoregroup.com/?p=5862</guid>

					<description><![CDATA[<p>Nowadays' globalised economy, business expansion is increasingly becoming an essential part of many companies' growth strategies. Venturing beyond domestic markets to seek opportunities in foreign countries, a process known as international expansion, can significantly enhance a company's market reach, competitive edge, and overall profitability. </p>
<p>The post <a href="https://myanmarcs.focuscoregroup.com/why-businesses-expand-in-a-foreign-country/"> Why Businesses Expand in a Foreign Country?</a> appeared first on <a href="https://myanmarcs.focuscoregroup.com">FocusCore Myanmar</a>.</p>
]]></description>
										<content:encoded><![CDATA[
<p class="wp-block-paragraph">Nowadays&#8217; globalised economy, business expansion is increasingly becoming an essential part of many companies&#8217; growth strategies. Venturing beyond domestic markets to seek opportunities in foreign countries, a process known as international expansion, can significantly enhance a company&#8217;s market reach, competitive edge, and overall profitability. However, expanding into new regions also presents unique challenges and considerations. This blog post explores the reasons why businesses expand internationally and provides insights for companies looking to venture into foreign markets.</p>



<p class="wp-block-paragraph">Reasons for Business Expansion in a Foreign Country</p>



<h2 class="wp-block-heading"><strong>Access to New Markets</strong></h2>



<p class="wp-block-paragraph">As growth opportunities in domestic markets become limited, companies often look to foreign markets to tap into new customer bases. This strategy not only diversifies revenue streams but also reduces dependency on a single market, leading to more stable long-term growth. Furthermore, entering new markets can provide access to skilled labour, resources, and technologies that might not be readily available in the company&#8217;s home country.</p>



<h2 class="wp-block-heading"><strong>Revenue Growth and Brand Recognition</strong></h2>



<p class="wp-block-paragraph">Expanding internationally can significantly boost revenues by reaching a larger customer base and increasing sales in new markets. This growth is often accompanied by enhanced brand recognition and market share, further driving revenue growth. Overall, international expansion can be a strategic move for companies aiming for sustainable, long-term success.</p>



<h2 class="wp-block-heading"><strong>Access to New Revenue Streams</strong></h2>



<p class="wp-block-paragraph">Expanding into foreign markets opens up a whole new pool of potential customers, enabling businesses to increase their customer base and overall sales. This diversification of revenue streams helps reduce reliance on any single market and protects the business from economic uncertainties specific to particular regions.</p>



<h2 class="wp-block-heading"><strong>Enhanced Brand Building</strong></h2>



<p class="wp-block-paragraph">International expansion facilitates building a global reputation for the company, establishing brand recognition on a global scale, and enhancing overall brand value. This increased credibility and trust among consumers in different regions can lead to greater market presence and customer loyalty.</p>



<h2 class="wp-block-heading"><strong>Access to Global Talent and Resources</strong></h2>



<p class="wp-block-paragraph">Expanding internationally provides access to a broader talent pool and specialized resources. Different regions may offer skilled labor, raw materials, or innovative technologies that are not available domestically. This access can give companies a competitive edge and drive innovation and efficiency, helping businesses stay ahead of the curve and adapt to changing market demands.</p>



<h2 class="wp-block-heading"><strong>Competitive Advantage</strong></h2>



<p class="wp-block-paragraph">Establishing a presence in foreign markets can significantly enhance a company&#8217;s competitive advantage. Being an early entrant in an emerging market can lead to strong brand recognition and customer loyalty, positioning the business ahead of competitors. This first-mover advantage is crucial to gaining a foothold in new markets and establishing long-term success.</p>



<h2 class="wp-block-heading"><strong>Conclusion</strong></h2>



<p class="wp-block-paragraph">In the globalised economic landscape, international expansion offers numerous benefits, from accessing new markets and revenue streams to enhancing brand recognition and competitive advantage. However, it requires careful planning and execution. Businesses looking to expand internationally should conduct thorough market research, understand local regulations, and build strong local partnerships to ensure success. By doing so, they can effectively navigate the complexities of foreign markets and achieve sustainable growth and profitability.</p>



<p class="wp-block-paragraph">For more information on how<a href="https://myanmarcs.focuscoregroup.com/"> </a><strong><a href="https://myanmarcs.focuscoregroup.com/">DFK FocusCore Myanmar</a> </strong>can support your business expansion plans, contact us today. We offer expert guidance and tailored solutions to help your business thrive internationally.</p>
<p>The post <a href="https://myanmarcs.focuscoregroup.com/why-businesses-expand-in-a-foreign-country/"> Why Businesses Expand in a Foreign Country?</a> appeared first on <a href="https://myanmarcs.focuscoregroup.com">FocusCore Myanmar</a>.</p>
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		<title>Navigating the Financial Year-End: A Guide for Businesses in Myanmar</title>
		<link>https://myanmarcs.focuscoregroup.com/navigating-the-financial-year-end-a-guide-for-businesses-in-myanmar/</link>
		
		<dc:creator><![CDATA[Khin Kyar Nyo Thin]]></dc:creator>
		<pubDate>Thu, 28 Mar 2024 13:28:47 +0000</pubDate>
				<category><![CDATA[Blog]]></category>
		<category><![CDATA[Accounting & Tax]]></category>
		<category><![CDATA[Business Advisory]]></category>
		<category><![CDATA[Compliance]]></category>
		<category><![CDATA[Industry Insights]]></category>
		<guid isPermaLink="false">https://myanmarcs.focuscoregroup.com/?p=5798</guid>

					<description><![CDATA[<p>As we approach the end of the year, businesses across Myanmar are gearing up for a critical process: wrapping up their financial affairs. The financial year-end represents a pivotal moment for businesses, offering a chance to reflect, assess, and strategically plan for the future. Let&#8217;s delve into the essential aspects of navigating the financial year-end [&#8230;]</p>
<p>The post <a href="https://myanmarcs.focuscoregroup.com/navigating-the-financial-year-end-a-guide-for-businesses-in-myanmar/">Navigating the Financial Year-End: A Guide for Businesses in Myanmar</a> appeared first on <a href="https://myanmarcs.focuscoregroup.com">FocusCore Myanmar</a>.</p>
]]></description>
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<p class="wp-block-paragraph">As we approach the end of the year, businesses across Myanmar are gearing up for a critical process: wrapping up their financial affairs. The financial year-end represents a pivotal moment for businesses, offering a chance to reflect, assess, and strategically plan for the future. Let&#8217;s delve into the essential aspects of navigating the financial year-end in Myanmar and how businesses can capitalize on this period.</p>

<h4>Reflecting on Achievements and Challenges</h4>

<p class="wp-block-paragraph">The financial year-end provides a natural pause for businesses to reflect on their achievements and challenges over the past year. It&#8217;s a time to take stock of your financial performance, key milestones, and any hurdles faced along the way. This reflection not only serves as a benchmark for progress but also lays the groundwork for informed decision-making in the upcoming year.</p>

<h4>Ensuring Regulatory Compliance</h4>

<p class="wp-block-paragraph">Myanmar&#8217;s business landscape is subject to regulatory changes, and staying compliant is paramount. Use the financial year-end as an opportunity to conduct a thorough review of your business&#8217;s compliance with local regulations. This includes tax compliance, reporting requirements, and any recent updates to financial laws that may impact your operations.</p>

<h4>Strategic Planning for the Future</h4>

<p class="wp-block-paragraph">One of the most significant advantages of the financial year-end is the opportunity to engage in strategic planning for the future. Assess your financial goals, identify growth opportunities, and refine your business strategy accordingly. Consider seeking guidance from financial experts who can provide valuable insights to align your financial plans with your business objectives.</p>

<h4>Optimizing Tax Planning</h4>

<p class="wp-block-paragraph">Effective tax planning is a crucial component of the financial year-end process. Evaluate your tax position, identify potential credits, and explore tax-efficient strategies to optimize your financial outcomes. Working with tax professionals can help navigate the complexities of Myanmar&#8217;s tax system and ensure you&#8217;re maximizing your tax benefits within legal parameters.</p>

<h4>Reviewing Financial Systems and Processes</h4>

<p class="wp-block-paragraph">As your business evolves, so should your financial systems and processes. The financial year-end offers an ideal time to review and update your accounting systems, internal controls, and financial workflows. Streamlining these processes can enhance efficiency, reduce errors, and position your business for sustained growth.</p>

<h4>Engaging with Financial Advisors</h4>

<p class="wp-block-paragraph">In Myanmar&#8217;s dynamic financial landscape, seeking external expertise is a wise move. Financial advisors can offer tailored guidance, ensuring your business is well-prepared for the challenges and opportunities ahead. Their experience and insights can be instrumental in making informed decisions that align with your financial objectives.</p>

<p class="wp-block-paragraph">The financial year-end is more than just a formal requirement; it&#8217;s a strategic opportunity for businesses in Myanmar to set the stage for success in the coming year. By reflecting on the past, ensuring compliance, planning strategically, optimizing taxes, reviewing processes, and engaging with financial advisors, businesses can navigate this period with confidence and emerge stronger and more resilient. As the year comes to a close, let&#8217;s embrace the financial year-end as a catalyst for positive change and continued growth in Myanmar&#8217;s vibrant business landscape.</p>
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		<p>The post <a href="https://myanmarcs.focuscoregroup.com/navigating-the-financial-year-end-a-guide-for-businesses-in-myanmar/">Navigating the Financial Year-End: A Guide for Businesses in Myanmar</a> appeared first on <a href="https://myanmarcs.focuscoregroup.com">FocusCore Myanmar</a>.</p>
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		<title>Essential Legal Considerations for Business Acquisition in Myanmar</title>
		<link>https://myanmarcs.focuscoregroup.com/essential-legal-considerations-for-business-acquisition-in-myanmar/</link>
		
		<dc:creator><![CDATA[Khin Kyar Nyo Thin]]></dc:creator>
		<pubDate>Wed, 07 Feb 2024 02:33:09 +0000</pubDate>
				<category><![CDATA[Blog]]></category>
		<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[Business Advisory]]></category>
		<category><![CDATA[Compliance]]></category>
		<guid isPermaLink="false">https://myanmarcs.focuscoregroup.com/?p=5774</guid>

					<description><![CDATA[<p>Essential Legal Considerations for Business Acquisition in Myanmar</p>
<p>The post <a href="https://myanmarcs.focuscoregroup.com/essential-legal-considerations-for-business-acquisition-in-myanmar/">Essential Legal Considerations for Business Acquisition in Myanmar</a> appeared first on <a href="https://myanmarcs.focuscoregroup.com">FocusCore Myanmar</a>.</p>
]]></description>
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<p class="wp-block-paragraph">Acquiring a business in Myanmar involves navigating specific legal considerations, from foreign investment regulations to intellectual property protection, to ensure a smooth and compliant process. Here are key factors to consider:</p>



<p class="wp-block-paragraph">Foreign Investment Regulations: Myanmar has specific regulations governing foreign investment, and certain industries may have restrictions or require special permits. It&#8217;s essential to understand the Foreign Investment Law and any sector-specific guidelines to ensure compliance with ownership restrictions.</p>



<p class="wp-block-paragraph">Land Ownership Restrictions: Foreign investors may encounter difficulties purchasing specific types of land in Myanmar due to the country&#8217;s stringent land ownership laws. Take this into account.</p>



<p class="wp-block-paragraph">Intellectual Property Protection: Examining the target company&#8217;s portfolio of intellectual property, including patents, copyrights, and trademarks, is vital to ensuring protection and compliance with Myanmar&#8217;s intellectual property laws.</p>



<p class="wp-block-paragraph">Labour Laws and Employment Contracts: Workplace practices such as working hours, benefits, and termination procedures are governed by labour laws in Myanmar. Examine the employment contracts of the target company, making sure that they comply with local labour laws and resolving any possible labour-related concerns.</p>



<p class="wp-block-paragraph">Tax and Financial Compliance: Examine the target company&#8217;s tax compliance and financial statements in detail. Understand Myanmar&#8217;s tax laws, rates, and any outstanding tax liabilities, as identifying and addressing financial and tax-related matters is crucial for a smooth acquisition process.</p>



<p class="wp-block-paragraph">Legal Investigation: Evaluate the target company&#8217;s legal status by conducting a thorough legal investigation. This includes reviewing contracts, licences, permits, and any ongoing legal disputes. Early detection of possible legal problems is essential to a beneficial acquisition process.</p>



<p class="wp-block-paragraph">These key factors will help guide your legal considerations during the business acquisition process in Myanmar. Working with legal professionals who specialise in Myanmar&#8217;s business laws is highly recommended to ensure compliance and mitigate potential legal risks.</p>
<p>The post <a href="https://myanmarcs.focuscoregroup.com/essential-legal-considerations-for-business-acquisition-in-myanmar/">Essential Legal Considerations for Business Acquisition in Myanmar</a> appeared first on <a href="https://myanmarcs.focuscoregroup.com">FocusCore Myanmar</a>.</p>
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		<title>Navigating The FRC Renewal Process In Myanmar: Your Comprehensive Guide With DFK FocusCore Myanmar</title>
		<link>https://myanmarcs.focuscoregroup.com/navigating-the-frc-renewal-process-in-myanmar-your-comprehensive-guide-with-dfk-focuscore-myanmar-2/</link>
		
		<dc:creator><![CDATA[Khin Kyar Nyo Thin]]></dc:creator>
		<pubDate>Mon, 20 Nov 2023 02:57:32 +0000</pubDate>
				<category><![CDATA[Blog]]></category>
		<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[Business Advisory]]></category>
		<category><![CDATA[Compliance]]></category>
		<guid isPermaLink="false">https://myanmarcs.focuscoregroup.com/?p=5737</guid>

					<description><![CDATA[<p>Renewing your Foreigner Registration Certificate (&#8220;FRC&#8221;) for foreigners residing in Myanmar before December 31st is essential. Beyond being a legal obligation, it is a crucial measure for the seamless renewal of your visas.&#160; What is the FRC? FRC stands for &#8220;Foreigner Registration Certificate&#8221;. It&#8217;s a vital document for foreigners staying in a country for an [&#8230;]</p>
<p>The post <a href="https://myanmarcs.focuscoregroup.com/navigating-the-frc-renewal-process-in-myanmar-your-comprehensive-guide-with-dfk-focuscore-myanmar-2/">Navigating The FRC Renewal Process In Myanmar: Your Comprehensive Guide With DFK FocusCore Myanmar</a> appeared first on <a href="https://myanmarcs.focuscoregroup.com">FocusCore Myanmar</a>.</p>
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<p class="wp-block-paragraph">Renewing your Foreigner Registration Certificate (&#8220;FRC&#8221;) for foreigners residing in Myanmar before December 31st is essential. Beyond being a legal obligation, it is a crucial measure for the seamless renewal of your visas.&nbsp;</p>



<h3 class="wp-block-heading"><strong>What is the FRC?</strong></h3>



<p class="wp-block-paragraph">FRC stands for &#8220;Foreigner Registration Certificate&#8221;. It&#8217;s a vital document for foreigners staying in a country for an extended period, often over 90 days. The FRC records essential information about the foreigner&#8217;s presence, such as personal details, the purpose and duration of their stay. Renewing the FRC is crucial for maintaining legal status and facilitating visa renewals. In Myanmar, for instance, foreigners with long or business visas need to renew their FRC for continued legal stay.</p>



<h3 class="wp-block-heading"><strong>Why is the FRC renewal important?</strong></h3>



<p class="wp-block-paragraph">If your FRC is expiring soon, it&#8217;s crucial to initiate the renewal process promptly. The FRC typically has a lifespan of one year, and failing to renew it before expiration can result in complications with your legal status and may affect the renewal of other essential documents, such as visas. Stay proactive to ensure a smooth continuation of your stay by addressing the FRC renewal in a timely manner.</p>



<h3 class="wp-block-heading"><strong>Renewing Your FRC with&nbsp;</strong><strong>trusted</strong><strong>&nbsp;service provider</strong></h3>



<p class="wp-block-paragraph">If you have questions or need assistance with the renewal process, consider reaching out to DFK FocusCore Myanmar, a trusted service provider, for guidance. At DFK FocusCore Myanmar, we recognise the significance of the FRC in your legal status and visa renewal process. Our dedicated team of experts specialises in navigating the intricacies of Myanmar&#8217;s immigration regulations and ensuring a seamless FRC renewal experience.</p>



<p class="wp-block-paragraph"><strong>Our comprehensive services include:</strong></p>



<ol class="wp-block-list">
<li><strong>Dedicated Expertise:</strong>&nbsp;Our team comprises experts well-versed in Myanmar&#8217;s immigration regulations, ensuring your FRC renewal is handled with precision.</li>



<li><strong>Personalised Assistance:</strong>&nbsp;We offer tailored assistance to meet your specific needs. Whether it&#8217;s documentation or procedural guidance, we&#8217;re here to make the process straightforward for you.</li>



<li><strong>Timely Reminders:</strong>&nbsp;Forget about missing deadlines. We provide timely reminders, ensuring you stay informed and compliant throughout the FRC renewal journey.</li>



<li><strong>Efficient Service:</strong> Save time and energy with our efficient service. We take care of the bureaucratic details, allowing you to focus on your priorities.</li>
</ol>



<p class="wp-block-paragraph">Your seamless FRC renewal journey starts here. Don&#8217;t leave your legal status to chance. Contact DFK FocusCore Myanmar today, and trust us to guide you through the FRC renewal journey seamlessly. Stay compliant; stay stress-free.</p>
<p>The post <a href="https://myanmarcs.focuscoregroup.com/navigating-the-frc-renewal-process-in-myanmar-your-comprehensive-guide-with-dfk-focuscore-myanmar-2/">Navigating The FRC Renewal Process In Myanmar: Your Comprehensive Guide With DFK FocusCore Myanmar</a> appeared first on <a href="https://myanmarcs.focuscoregroup.com">FocusCore Myanmar</a>.</p>
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		<title>Complex Challenges or Opportunity for Change? The impact of COVID-19 and guidance for your company in Myanmar</title>
		<link>https://myanmarcs.focuscoregroup.com/complex-challenges-or-opportunity-for-change-the-impact-of-covid-19-and-guidance-for-your-company-in-myanmar/</link>
		
		<dc:creator><![CDATA[Eddy Herbert]]></dc:creator>
		<pubDate>Sat, 18 Apr 2020 13:34:55 +0000</pubDate>
				<category><![CDATA[Blog]]></category>
		<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[Business Advisory]]></category>
		<guid isPermaLink="false">http://myanmarcs.focuscoregroup.com/?p=4902</guid>

					<description><![CDATA[<p>As Myanmar catches up with the rest of the world with the spread of COVID-19, it becomes apparent that the effects of the ‘Great Lockdown’ will soon be felt across the nation. Unlike many crises before, this once-in-a-century pandemic tests the humanity in many ways that have never been experienced. In addition to the devastating [&#8230;]</p>
<p>The post <a href="https://myanmarcs.focuscoregroup.com/complex-challenges-or-opportunity-for-change-the-impact-of-covid-19-and-guidance-for-your-company-in-myanmar/">Complex Challenges or Opportunity for Change? The impact of COVID-19 and guidance for your company in Myanmar</a> appeared first on <a href="https://myanmarcs.focuscoregroup.com">FocusCore Myanmar</a>.</p>
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<p class="wp-block-paragraph"><p style="text-align: justify;">As Myanmar catches up with the rest of the world with the spread of COVID-19, it becomes apparent that the effects of the ‘Great Lockdown’ will soon be felt across the nation. Unlike many crises before, this once-in-a-century pandemic tests the humanity in many ways that have never been experienced. In addition to the devastating loss of lives being the worst consequence of this catastrophe, the indirect cost to society is still unaccounted for. Nonetheless, in these unsettling times individuals and businesses are presented with complex challenges, as well as an opportunity for change. </p></p>



<p class="wp-block-paragraph"><p style="text-align: justify;">After being in Myanmar for 6 years providing corporate advisory, outsourcing, and payroll services with nearly two hundred clients across different industries ranging from international MNCs to local SMEs, we have put together a framework based on current market situation and industry responses to the outbreak in Myanmar. Now more than ever, leading through crisis and managing change become crucial to help us prepare for what may be the new normal. &nbsp;</p></p>



<figure class="wp-block-image size-large"><img fetchpriority="high" decoding="async" width="1024" height="791" src="https://myanmarcs.focuscoregroup.com/wp-content/uploads/2020/04/Untitled-presentation-5-1-1024x791.jpg" alt="" class="wp-image-4912" srcset="https://myanmarcs.focuscoregroup.com/wp-content/uploads/2020/04/Untitled-presentation-5-1-1024x791.jpg 1024w, https://myanmarcs.focuscoregroup.com/wp-content/uploads/2020/04/Untitled-presentation-5-1-300x232.jpg 300w, https://myanmarcs.focuscoregroup.com/wp-content/uploads/2020/04/Untitled-presentation-5-1-768x593.jpg 768w, https://myanmarcs.focuscoregroup.com/wp-content/uploads/2020/04/Untitled-presentation-5-1-1536x1187.jpg 1536w, https://myanmarcs.focuscoregroup.com/wp-content/uploads/2020/04/Untitled-presentation-5-1.jpg 1650w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p class="wp-block-paragraph"><p style="text-align: justify;">In all stages, human capital is crucial to propel out of this crisis. It is best to communicate with the employees to discuss solutions on how they can help the business in short-medium term. But, if you must resort to redundancies, please let us know and we can provide you with consultative advice around the local employment law.&nbsp; </p></p>



<p class="wp-block-paragraph"><p style="text-align: justify;">FocusCore can also discuss with you how to reduce fixed costs through <a href="https://myanmarcs.focuscoregroup.com/accounting-payroll-bookkeeping-services/">outsourcing finance and human resource departments</a>.&nbsp; With outsourcing, it will allow you to increase your margins and reduce the fixed expenses.</p></p>



<p class="wp-block-paragraph" style="text-align: justify;">Since 2014, FocusCore has been working closely with local and international companies to bridge a gap with relevant government ministries and to facilitate the process of setting up companies in Myanmar. Please <a href="https://myanmarcs.focuscoregroup.com/contact/">contact</a> FocusCore if you have any questions or require further assistance.  We would be happy to setup a video call with you to discuss your business needs in more detail.</em></p>



<p class="wp-block-paragraph"></p>
<p>The post <a href="https://myanmarcs.focuscoregroup.com/complex-challenges-or-opportunity-for-change-the-impact-of-covid-19-and-guidance-for-your-company-in-myanmar/">Complex Challenges or Opportunity for Change? The impact of COVID-19 and guidance for your company in Myanmar</a> appeared first on <a href="https://myanmarcs.focuscoregroup.com">FocusCore Myanmar</a>.</p>
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		<title>Why insurance is a further catalyst for growth in Myanmar?</title>
		<link>https://myanmarcs.focuscoregroup.com/why-insurance-is-a-further-catalyst-for-growth-in-myanmar/</link>
		
		<dc:creator><![CDATA[Eddy Herbert]]></dc:creator>
		<pubDate>Wed, 08 May 2019 09:07:17 +0000</pubDate>
				<category><![CDATA[Blog]]></category>
		<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[Business Advisory]]></category>
		<category><![CDATA[Industry Insights]]></category>
		<guid isPermaLink="false">http://myanmarcs.focuscoregroup.com/?p=4505</guid>

					<description><![CDATA[<p>Insurance is an important global service &#8211; vital to commerce and private individuals. 1.) Why is insurance important to an emerging market? 2.) How does insurance underpin market-entry and business operational risk? 3.) Why Myanmar? 4.) What does it mean for Myanmar? 1.) Why is insurance important to an emerging market? When an economy is [&#8230;]</p>
<p>The post <a href="https://myanmarcs.focuscoregroup.com/why-insurance-is-a-further-catalyst-for-growth-in-myanmar/">Why insurance is a further catalyst for growth in Myanmar?</a> appeared first on <a href="https://myanmarcs.focuscoregroup.com">FocusCore Myanmar</a>.</p>
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										<content:encoded><![CDATA[<p>Insurance is an important global service &#8211; vital to commerce and private individuals.</p>
<p>1.) Why is insurance important to an emerging market?<br />
2.) How does insurance underpin market-entry and business operational risk?<br />
3.) Why Myanmar?<br />
4.) What does it mean for Myanmar?</p>
<p><strong>1.) Why is insurance important to an emerging market? </strong></p>
<p style="text-align: justify;">When an economy is growing quickly, as with Myanmar, insurance services play an important role in managing risk. For companies, their shareholders will demand insurance to protect their investments. Import and export activity requires insurance. Individuals, benefiting from a booming economy, with increased spending power, should be able to obtain insurance for their homes, family, life and health. Insurance is a catalyst allowing, and protecting, further growth in the economy.</p>
<p style="text-align: justify;">By the structure of syndication an insurance provider can spread the risk of their portfolio with syndicates and insurance companies. This level of security provides confidence that is even more important in emerging markets. The insurance structure is often a group of insurance companies who work with contracts within the group. This allows even high value items to be insured with confidence. It is important to understand the strength that this structure provides.</p>
<p style="text-align: justify;">One of the best known is Lloyd&#8217;s of London. In fact Lloyd&#8217;s is not an insurance company but a &#8220;marketplace&#8221;, which started in 1686. Today these insurers and reinsurers sign Terms of Business Agreements (TOBAs) linking their companies. This assures the insurance user that the risk is covered. The Lloyd&#8217;s market motto is Fidentia, Latin for confidence. Authorised financial backers and syndicates provide a collective resource to cover insurance claims.</p>
<p style="text-align: justify;">&#8220;Improving access to insurance is particularly valuable for people with low incomes, who often struggle to manage unforeseen financial shocks.” (Sigma Insurance report, part of Swiss Re Group). The report emphasises, &#8220;these people are particularly vulnerable to shocks such as illness, incapacity to work, and the effects of natural catastrophes and extreme climate events, such as droughts. For insurers, opening up a new risk pool of several million customers on the cusp of transformative growth is an attractive proposition to embrace inclusive insurance of emerging consumers. It also helps close the protection gap for a large segment of the world’s population”. There are also patterns of microinsurance emerging in many countries, specifically designed to help low income individuals and families.</p>
<p style="text-align: justify;">Another company with a focus on emerging markets and market entry is Willis Towers Watson who conclude, &#8220;Ultimately the goal is to secure a growth path and enhanced profitability which is sustainable&#8221;.<br />
Unlike day to day decisions for purchases, such as your weekly shopping for food or larger items, insurance needs care. You are hoping it will never be needed but you have to trust the insurance provider will cover you in case of loss. Insurance is like the oil in the engine of commerce that keeps it running. If a company or individual needs to borrow funds, the lenders will demand insurance. Insurance can calm transactions by removing risk exposure that un-protected could block a deal. Insurance allows both companies and individuals to benefit from a more stable route forward. This applies to both huge conglomerates and small companies. Insurance is the logical, sensible service to adopt.</p>
<p style="text-align: justify;">Over the years there have been cases worldwide of catastrophes. In one incident a factory caught fire and exploded. In another, chemical leakage has contaminated water courses. In one case the company was under-insured. The damage was so great to the region, local government and citizens took the company to court and won. The court awarded damages far in excess of the insurance value the company had chosen, indeed by a factor of 100, leading to the collapse of the company, with disposal of remaining assets. Taking insurance makes sense, but so does the careful and appropriate selection of cover.</p>
<p style="text-align: justify;">It is not in the scope of the document, but it is interesting to note the growth internationally in a pattern to conform to international solvency standards. These are designed to protect consumers, retain financial stability and build trust in insurance companies. There are also deposit insurance systems (DIS) to create confidence for depositors.</p>
<p style="text-align: justify;">In the words of Sigma (part of Swiss Re Group), &#8220;Emerging Markets will Drive Global Insurance Growth over Next Decade. Our forecasts show that emerging Asia will lead the charge for premium growth, expanding by three times the world average over the next two years.&#8221;</p>
<p><strong>2.) How does insurance underpin market-entry and business operational risk?</strong></p>
<p>There are many types of insurance to cover a range of risks across a wide range of industry and businesses. Policies will state what is covered and what is not included. It all comes down to managing risk. There is:-</p>
<p>Operational risk &#8211; the risk of a change in asset value following losses.</p>
<p>Business risk &#8211; the risk that results from wrong decisions e.g. backing new products, strategies or services.</p>
<p style="text-align: justify;">Business success is not 100 percent certain. Questions arise, such as, is our strategy correct? Entering a new region and market adds to the risk. Insuring your developments adds strength and confidence to your entire company operation, especially in the new region, assuring both customers and investors. Insurance helps companies manage their operational risks. A crisis without insurance also leads to a reputational risk for the company. Also, if you are entering a new region there are compliance risks if you do not fully understand comply with national laws and guidelines</p>
<p><strong>3.) Why Myanmar?</strong></p>
<p>All regions, sectors, industries, commerce, families, and individuals benefit from insurance. The World Health Organisation estimates that 100 million people a year fall into poverty due to unexpected medical costs.</p>
<p>The value of insurance is even greater today due to the wider range of insurance cover that is now available. In India there is even a test phase for rainfall insurance that has been provided for 600 farmers.</p>
<p style="text-align: justify;">Myanmar has a remarkably low take up of Insurance. Most citizens in Myanmar do not use insurance services. There are approximately 55 million citizens in Myanmar. Until 2013, Myanma Insurance was the sole insurance service in Myanmar. Myanma is a state controlled service. The range of insurance had been relatively limited by global standards. The opportunities in Myanmar for insurance providers are enormous.</p>
<p>Now, insurance and insurance broking business is conducted through either a company incorporated in Myanmar or a company established outside Myanmar with an established place of business in Myanmar.</p>
<p>The huge opportunity in Myanmar is recognised by insurance companies &#8211; alongside the huge risks for companies and individuals if they continue in old patterns and do not use insurance services.</p>
<p style="text-align: justify;">Changes in regulations in Myanmar are very significant for the insurance sector. It is widely recognised that the Insurance Sector in Myanmar needed to change, to respond to huge increases in trading and overall economic activity in Myanmar. Last year official statements stated that work was underway “to solve the problems of the insurer and the insurance companies in line with law and rules, to establish the Open Insurance Market Operation, to establish the Pure (Perfect) Competition Market, to be non-monopolistic stage, enable to operate the co-insurance by the local/foreign companies, to have heterogeneous products, to create free entry to and exit from the insurance industry and to collect the transparent and free information in Insurance Sector of Myanmar”.</p>
<p style="text-align: justify;">Asia and the Far East has the largest potential for growth in insurance policies. Providers realise that they must grab market share, be the first entrant wherever possible. It is easier to grow client volumes in emerging markets.</p>
<p>Many reports echo patterns around the world where Insurance companies are strong investors in national bond markets, so this is another boost for Myanmar. Reports indicate that at present in Myanmar the insurance sector accounts for 0.07pc of GDP.</p>
<p><strong>4.) What does it mean for Myanmar?</strong></p>
<p style="text-align: justify;">Reduced risk, more attractive environment for investors, further spurs for growth and prosperity. The global insurance industry, after years of development, is well practiced in spreading their insurance risks, so they can be sure they can reimburse the claimant and or company if a claim is submitted. For Myanmar, the exponential rise in exports and imports, the rapid rise of construction of residential and commercial sites, and growth year on year of sales and the range of products available, all means insurance is more important. Asset values rise and need to be insured.</p>
<p style="text-align: justify;">Furthermore, changing and unpredictable weather patterns add importance to insurance, so this is a sensible practice for business and individuals &#8211; insure your trades, possessions, and also obtain the benefits of health insurance. Companies who do not offer staff benefits such as health insurance, may find that staff leave for a competitor, who does provide insurance. It is still a candidates&#8217; market in Myanmar, with more vacancies than candidates for many roles.</p>
<p>The range of risks that can be covered continues to grow. In general terms, forms of insurance include:-</p>
<ul>
<li>General Insurance: This is any insurance policy but does not include life insurance comes under general insurance.</li>
<li>Fire Insurance.</li>
<li>Marine Insurance: This includes cargo insurance, hull insurance and freight insurance.</li>
<li>Miscellaneous Insurance: home insurance, credit insurance, vehicle insurance. There are many other types of general insurance.</li>
</ul>
<p>It is a sad fact that emerging countries tend to be affected by insurance gaps. There are increasing reports of natural catastrophes. This hits emerging economies and citizens. With insurance, you have the reassuring fact that help is at hand.</p>
<p style="text-align: justify;">The MOPF’s announcement No 1/2019 officially permits companies wishing “to operate the business of insurance, underwriting agency or insurance broking with foreign investment” to open for business in the country.  FocusCore opened in Myanmar to help companies become established here and our services have grown to provide a full range of <a href="https://myanmarcs.focuscoregroup.com/corporate-secretarial-services/" rel="noopener" target="_blank">corporate services</a>. We are delighted to see this development that will be of value to existing and new companies in Myanmar. Our extensive network of contacts covers Government and Commercial Sectors, allowing us to offer you efficient and informed guidance to facilitate your profitable company operations in Myanmar. Come to Myanmar now and see how this growing market can be a positive expansive step for your company and investment.</p>
<p>The post <a href="https://myanmarcs.focuscoregroup.com/why-insurance-is-a-further-catalyst-for-growth-in-myanmar/">Why insurance is a further catalyst for growth in Myanmar?</a> appeared first on <a href="https://myanmarcs.focuscoregroup.com">FocusCore Myanmar</a>.</p>
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		<title>Foreign Insurance companies see huge potential as Myanmar allows them to operate.</title>
		<link>https://myanmarcs.focuscoregroup.com/foreign-insurance-companies-see-huge-potential-as-myanmar-allows-them-to-operate/</link>
		
		<dc:creator><![CDATA[Eddy Herbert]]></dc:creator>
		<pubDate>Wed, 09 Jan 2019 04:55:09 +0000</pubDate>
				<category><![CDATA[Blog]]></category>
		<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[Business Advisory]]></category>
		<guid isPermaLink="false">http://myanmarcs.focuscoregroup.com/?p=4486</guid>

					<description><![CDATA[<p>September 2018 FocusCore Myanmar published a blog with the headline “MYANMAR opens its doors to Overseas Insurance companies – contact FocusCore today”. Now, following more work on processes to liberalise the insurance sector in Myanmar, events have led to the official Announcement No. 1/2019, 2 January 2019, by the Ministry of Planning and Finance, MOPF, [&#8230;]</p>
<p>The post <a href="https://myanmarcs.focuscoregroup.com/foreign-insurance-companies-see-huge-potential-as-myanmar-allows-them-to-operate/">Foreign Insurance companies see huge potential as Myanmar allows them to operate.</a> appeared first on <a href="https://myanmarcs.focuscoregroup.com">FocusCore Myanmar</a>.</p>
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										<content:encoded><![CDATA[<p>September 2018 FocusCore Myanmar published a blog with the headline <a href="https://myanmarcs.focuscoregroup.com/myanmar-opens-its-doors-to-overseas-insurance-companies/">“MYANMAR opens its doors to Overseas Insurance companies – contact FocusCore today”.</a></p>
<p style="text-align: justify;">Now, following more work on processes to liberalise the insurance sector in Myanmar, events have led to the official Announcement No. 1/2019, 2 January 2019, by the Ministry of Planning and Finance, MOPF, entitled “Insurance Market Liberalization for Foreign Entities in Myanmar”.  This is part of the Myanmar Insurance Sector Liberalization Roadmap. This announcement grants permission to companies who wish “to operate the business of insurance, underwriting agency or insurance broking with foreign investment”.</p>
<p style="text-align: justify;">Change had become visible in 2013, when eleven licences were granted to local companies. The aim of the Government being to develop the insurance sector. Prior to 2013, the only source of insurance was via Myanma Insurance. Myanma Insurance is a state-owned insurance company, founded in 1952, a monopoly. It started as a life insurer but later broadened its scope to underwrite both life and non-life insurance.</p>
<p style="text-align: justify;">Now, both foreign and local insurance companies are invited to submit their Expression of Interest (Eol) and/or the Request for Proposal (RfP), in order to transact insurance business in Myanmar. The announcement further states that, The Financial Regulatory Department (FRD) “will facilitate the clarifications and discussions on the Eol and/or the RfP”.</p>
<p style="text-align: justify;">Local composite insurers are mandated by the MOPF to operate as separate life insurance and non-life insurance entities paving the way for foreign entities to associate or partner with local insurers. The licensing guidelines provide various options.</p>
<p><strong>Life Insurance Companies</strong><br />
Option 1: Allowing not more than 3 licenses for foreign life insurers as 100% wholly owned subsidiaries;<br />
Option 2: Allowing foreign life insurers with a life/composite representative office in Myanmar to form joint venture with local life insurers.</p>
<p><strong>Non-life Insurance Companies</strong></p>
<p style="text-align: justify;">Allowing foreign non-life insurers with non-life/composite representative offices in Myanmar to form joint ventures with local non-life insurers. Non-life insurance has very low penetration, only 0.05% of GDP. Over 80% of the market is in fire/property insurance. These initiatives are attracting more investment from overseas. Once a licence is granted, the agreement states that the insurance company must buy Government Bonds. So further overseas capital is entering Myanmar.</p>
<p style="text-align: justify;">FocusCore made its first investment in Myanmar in Spring 2014. Since then we have expanded our range of <a href="https://myanmarcs.focuscoregroup.com/corporate-secretarial-services/">corporate services,</a> helping companies across many sectors to start and operate successfully in Myanmar.  Now, seeing the low penetration of insurance to date and the huge opportunity, many more will take note.  This will add further benefits for risk management and another boost for the prosperity of the economy.</p>
<p>The post <a href="https://myanmarcs.focuscoregroup.com/foreign-insurance-companies-see-huge-potential-as-myanmar-allows-them-to-operate/">Foreign Insurance companies see huge potential as Myanmar allows them to operate.</a> appeared first on <a href="https://myanmarcs.focuscoregroup.com">FocusCore Myanmar</a>.</p>
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		<title>Myanmar Credit Bureau Limited will open in Myanmar</title>
		<link>https://myanmarcs.focuscoregroup.com/credit-bureau-to-open-in-myanmar/</link>
		
		<dc:creator><![CDATA[Eddy Herbert]]></dc:creator>
		<pubDate>Mon, 17 Dec 2018 00:00:58 +0000</pubDate>
				<category><![CDATA[Blog]]></category>
		<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[Business Advisory]]></category>
		<category><![CDATA[Industry Insights]]></category>
		<guid isPermaLink="false">http://myanmarcs.focuscoregroup.com/?p=4470</guid>

					<description><![CDATA[<p>A service to provide background checks for lenders is finally going to open in Myanmar &#8211; Myanmar Credit Bureau Limited, MCBL. Over the last three years a lot of effort has been expended to achieve this important milestone. Loan facilities already had a boost earlier this year in November, when the Central Bank of Myanmar [&#8230;]</p>
<p>The post <a href="https://myanmarcs.focuscoregroup.com/credit-bureau-to-open-in-myanmar/">Myanmar Credit Bureau Limited will open in Myanmar</a> appeared first on <a href="https://myanmarcs.focuscoregroup.com">FocusCore Myanmar</a>.</p>
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										<content:encoded><![CDATA[<p style="text-align: justify;">A service to provide background checks for lenders is finally going to open in Myanmar &#8211; Myanmar Credit Bureau Limited, MCBL.</p>
<p style="text-align: justify;">Over the last three years a lot of effort has been expended to achieve this important milestone.  Loan facilities already had a boost earlier this year in November, when the Central Bank of Myanmar (CBM) authorised banks from overseas to offer wholesale financial services. Clearly, the availability of a credit bureau will make loan authorisation faster, perhaps with preferential rates for those with a good credit score. The ranking of Myanmar in the “ease of doing business” global listing will also receive a boost.</p>
<p style="text-align: justify;">The bureau licence is shown on the CBM website, Myanmar Credit Bureau Limited 17.5.2018 No. (2), Sibin Road, Yankin Township, Yangon. Banks are applauding the news, stressing that loans are already being provided yet this will surely add to the growth of <a href="https://agdbank.com/loans-lending-services/">loan facilities available</a>, adding that decisions will arrive sooner because background checks will be easier. It was in 2017 that the Directorate of Investment and Company Administration (DICA) signalled their approval with the proviso that data collected is also sent to the MCB.</p>
<p style="text-align: justify;">The agreements were signed by MCBL with Equifax New Zealand Services and Solutions Ltd. There will be training for staff of the Credit Bureau, with also resources from the CBM. This is expected to take 12 months, so do not expect the bureau offices to open immediately.</p>
<p style="text-align: justify;">MCBL has a 60 percent holding from the Myanmar Banks Association, and 40 percent from Asia Credit Bureau Holding Company, Singapore. Mr Khin Maung Aye is Chairman of the Myanmar Banks Association (MBA) and current Chairman of the Co-operative Bank PLC (CB Bank), which is one of the key banks in Myanmar’s private commercial banking sector.</p>
<p>One bank Director echoed the applause adding that the news was “monumental”.</p>
<p style="text-align: justify;">Myanmar has the lowest of loan totals across the region. The arrival of this service will boost to new levels the growing economy &#8211; that has the highest annual growth forecast in the region.</p>
<p style="text-align: justify;">The news was also welcomed by the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI). The joint general secretary U Aung Kyi Soe said “Lenders can assess the risk of providing loans to SMEs based on the information provided by the credit bureau, said of the UMFCCI. The credit bureau will contribute to banks. Our fellow ASEAN countries have also established successful credit bureaux”</p>
<p style="text-align: justify;">FocusCore opened in Myanmar to help companies become established here and our services have grown to provide a full range of <a href="https://myanmarcs.focuscoregroup.com/corporate-secretarial-services/" rel="noopener" target="_blank">corporate services</a>. We are delighted to see this development that will be of value to existing and new companies in Myanmar. Our extensive network of contacts covers Government and Commercial Sectors, allowing us to offer you efficient and informed guidance to facilitate your profitable company operations in Myanmar. It is not unreasonable to predict this credit scoring service will expand to cover many more in the country, boosting buying power across the board. Come to Myanmar now and see how this growing market can be a positive expansive step for your company and investment.</p>
<p>The post <a href="https://myanmarcs.focuscoregroup.com/credit-bureau-to-open-in-myanmar/">Myanmar Credit Bureau Limited will open in Myanmar</a> appeared first on <a href="https://myanmarcs.focuscoregroup.com">FocusCore Myanmar</a>.</p>
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